Why is this texture repeating when its set to clip?
This is the way "object" coordinates work: it takes into account the bounding box of the object, puts the texture in a plane that goes through the origin and projects the same color value onto every face wich has the same XY (UV) coordinates, so the image can get repeated if two zones share the same XY coordinates (and maybe have different "height") in the bounding box world.

If you want  a single position you have to use UV coordinates instead.